Broader markets struggled to find a tempo on Thursday, Aug. 22, while investors waited for the Federal Reserve to confirm expectations of a rate cut. Fed Chairman Jerome Powell is due to speak Friday. Energy stocks also floated between gains and losses.
A rally in the aircraft industry lifted the Dow Jones Industrial Average to modest gains. The index added 0.19% to close at 26,252.24. The S&P 500, however, was down slightly, by 0.05%, closing at 2,922.95.
In the renewable energy sector, SolarEdge Technologies Inc.'s shares slid 6.61%, closing a robust session at $82.04, after its CEO, co-chairman and founder, Guy Sella, took an immediate leave of absence to address health issues. Stella recently disclosed that he has colon cancer. The company announced Aug. 20 that it has named Uri Bechor as COO.
Canadian Solar Inc. shares lost 2.98% to $23.77, and SunPower Corp. stock settled 2.14% lower at $13.28, both on below-average volume. TerraForm Power Inc. stock picked up 1.25% to $16.96.
In the electric and diversified utilities sector, PG&E Corp. stock shrank 4.65% to $11.68 on below-average volume. The S&P 500 Utilities Index, however, closed 0.07% higher at 313.82, with most component companies posting modest gains. Pattern Energy Group Inc. shares were up 1.82% to $26.30.
In the oil and gas sector, Comstock Resources Inc. shares dropped 5.00% to finish a slow session at $5.51. The company has named Ronald Mills vice president of finance and investor relations.
Enbridge Inc. stock was down 1.36% to $33.39 on slightly below-average volume, and Consol Energy Inc. shares gave away 3.29% to $17.06. Enbridge subsidiary Texas Eastern Transmission LP has proposed a pipeline project that would help the company maintain its current levels of natural gas transportation service while protecting its system from longwall mining by Consol Energy in Marshall County, W.Va.
Among big movers, EQT Corp. shares shed 4.30% to close an average outing at $11.35; Range Resources Corp. shares trimmed 4.14% to wrap an average session at $3.94; and Shell Midstream Partners LP stock retreated 4.04% to $20.21 in active trading.
The S&P 500 Energy Index decreased 0.48% to 425.02, and the Alerian MLP Index bumped down 1.20% to 230.32.
Market prices and index values are current as of the time of publication and are subject to change.
